30th Jul 2012 07:00
30 July 2012
Brewin Dolphin Holdings PLC
Interim Management Statement
Thirteen Week Period ended 30 June 2012
This Interim Management Statement ("IMS") is issued by Brewin Dolphin Holdings PLC as required by the UK Listing Authority's Disclosure and Transparency rules. The IMS relates to the third quarter to 30 June 2012.
Income
Income for the third quarter to 30 June 2012 was £66.8 million, 4.4% higher than the same period last year (26 June 2011: £64.0 million).
Recurring income now represents 67% of total income. This is partly due to the Group moving towards a transparent fee based model in accordance with our strategy, but also reflects a significant fall in the volume of trades in line with the market as a whole; volumes were down 26% in the first quarter of the year, 11% in the second quarter and 17% in the third quarter.
Total Income1 | |||
Quarter to | Quarter to | % change | |
30 June 2012 | 26 June 2011 | ||
£'000 | £'000 | ||
Non-recurring income | 20,608 | 25,096 | -17.9% |
Recurring income | 42,013 | 35,022 | 20.0% |
62,621 | 60,118 | 4.2% | |
Other operating income | 4,150 | 3,854 | 7.7% |
Total income | 66,771 | 63,972 | 4.4% |
39 weeks to | 39 weeks to | % change | |
30 June 2012 | 26 June 2011 | ||
£'000 | £'000 | ||
Non-recurring income | 64,805 | 78,828 | -17.8% |
Recurring income | 120,628 | 104,907 | 15.0% |
185,433 | 183,735 | 0.9% | |
Other operating income | 12,716 | 11,702 | 8.7% |
Total income | 198,149 | 195,437 | 1.4% |
1 Income excludes income generated by the Corporate Advisory and Broking Division which has been disposed of. | |||
Funds under Management
The value of clients' funds under the Group's management was as follows:
Advisory funds under management | Discretionary funds under management | Total managed funds | |
£ billion | £ billion | £ billion | |
Value of funds at 30 September 2011 | 8.4 | 15.6 | 24.0 |
Inflows | 0.1 | 1.0 | 1.1 |
Outflows | (0.6) | (0.6) | (1.2) |
Transfers | (0.3) | 0.3 | - |
Market movement | 0.2 | 0.9 | 1.1 |
Value of funds at 30 June 2012 | 7.8 | 17.2 | 25.0 |
% increase in funds since 30 September 2011 | -7.1% | 10.3% | 4.2% |
Indices | |||
At 30 June 2012 | At 30 September 2011 | % Change | |
FTSE APCIMS Private Investor Series Balanced Portfolio | 2,940 | 2,735 | 7.5% |
FTSE 100 | 5,571 | 5,128 | 8.6% |
As mentioned above the Group has been moving to a transparent fee based charging basis. Approximately half the outflow of funds relates to attrition arising from this change.
Cash and Capital Adequacy
The Group currently has a consolidated capital adequacy surplus of £18.3 million. Group cash balances excluding client balances as at 30 June 2012 were £55 million.
Systems Changes
The major programme to move on to new systems by September 2013 remains on track and on budget.
For further information please contact:
Jamie Matheson | Andrew Hayes/Wendy Baker |
Executive Chairman | Hudson Sandler |
Brewin Dolphin | |
020 7248 4400 | 020 7796 4133 |
Notes for editors
1. | The Group is made up of Brewin Dolphin Holdings PLC and it subsidiaries (the "Group"). |
2. | Brewin Dolphin Limited is the principal operating company of Brewin Dolphin Holdings PLC, it is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange. Tilman Brewin Dolphin Limited is the Group's Irish subsidiary.
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3. | The Brewin Dolphin Group is one of the largest independent private client investment managers in the United Kingdom and manages £25 billion on behalf of private clients, charities and pension funds from its 41 regional offices and one office in Dublin.
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4. | The Group provides a complete investment management and financial planning service for private investors, charities and pension funds. Stocktrade is the Group's Execution-Only telephone and on-line dealing division.
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Related Shares:
BRW.L